WTO Verdict May Boost Business In China for U.S. Payment Card Firms

The World Trade Organization decided in favor of the United States in its suit against China over discriminatory payment card practices.

The Chinese government had required all yuan-denominated payment cards in China to work with the China UnionPay network, Reuters reports, limiting U.S. companies’ ability to compete. The report estimates the ruling could give U.S. payment card companies access to $1 trillion worth of transactions in China.